Hong Kong’s decision in August to increase mandatory hotel quarantine to three weeks for arrivals from most countries has prompted a backlash from banks, hedge funds, and traders who say it is hampering new investment into the asset management market and risks setting off a brain drain. Financial services contribute around 20% to Hong Kong’s gross domestic product, government statistics show.

20 APAC re/insurers record a higher premium of $821.4bn in 2020, COVID induces demand for life & health products, GlobalData

Aug 31, 2021

Seven players reported more than 5% rise in premiums earned. In addition, the top companies maintained financial robustness through flexible hedging of assets under management.The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance; and Taiwan-based Cathay Financial.Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.

China Reinsurance reported 19.2% increase in y-o-y revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.

Prosus doubles down on India with $4.7 bln deal for BillDesk

Aug 31, 2021

PayU processed $55 billion in payments in the year ended March 31, 2021, a 51% increase on the previous year.

“This is really a transformative transaction for PayU and its position as one of the leading payment and fintech providers in India and actually in the world,” Prosus CEO Bob van Dijk said on a media call.

Japan tests first autonomous cargo ship

Aug 31, 2021

The Nippon Foundation estimates that taking into account factors like artificial intelligence, which should improve efficiencies, the development of unmanned ships will have a positive impact of about 1 trillion yen ($9 billion) for Japan’s economy in 2040.
There are other foreseeable benefits too, such as lower insurance premiums and improved safety,Satoru Kuwahara, a general manager at Nippon Yusen subsidiary Japan Marine Science Inc, said.

Studies on shipping industry safety show that around 70% of maritime accidents are caused by human error. “With the issue of Japan’s shrinking workforce in mind, there’s growing need for these technologies to uphold safety,” he said.

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